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International Arbitration Law

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Added on  2021-04-24

International Arbitration Law

   Added on 2021-04-24

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Running head: INTERNATIONAL ARBITRATION LAWInternational Arbitration LawName of the StudentName of the UniversityAuthor Note
International Arbitration Law_1
1INTERNATIONAL ARBITRATION LAWIt is noteworthy to mention that International Arbitration has proved to be beneficial insettling commercial disputes globally (Gaillard, E., 2014). It can be observed thatin some casesarbitral award does not involve the requirement of judicial enforcement in cases where both theclaimant and the respondent are parties to an arbitration clause. In Prima paint Corp v. Flood &Conklin Manufacturing Co it was observed that the arbitral award directed by a differentarbitral tribunal was used as a reference to the present case as both the cases involved samejurisdiction. In this case it was held by the judge that the contract depicted in the arbitrationclause can prove to be beneficial for an arbitrator and a court of justice in deciding that whetherthe case should be decided based on previous decision. It is important on the part of the parties toact in good faith. In Prima paint Corp v. Flood & Conklin Manufacturing Co it was held thatthe reference of a previous arbitral award shall not be applicable in cases where the parties toarbitration were fraudulently induced into signing the agreement. In this case it held by thearbitrator that if no evidence is found on the part of the respondent then the claim for theopposition of previously issued arbitral award shall be refused.The Arbitration Act 1996 of United Kingdom provided that an arbitral award is final andbinding upon the parties. Therefore, it can be stated thatthe reference of a previous arbitralaward can be presented before an arbitral tribunal. It can be mentionedthat various kinds ofcommercial matters relating to present or future disputes may be presented as reference however,the dispute shall not arise from an illegal transaction (Goode 2014). In this regard it can be notedthat in order to constitute the validity of a reference it is essential to mention the existence of adispute. However, it important that in order make reference of a previous arbitral award, theparties may bind them to a present or future arbitration agreement. It is necessary that the partiesinvolved in arbitration agreement shall act in good faith. In this regard, it is worth noting that if
International Arbitration Law_2

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